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Copyright© ANRITSU
Becoming a cutting-edge, trusted global market leader
1
December 2012
TSE code : 6754http://www.anritsu.com
Anritsu Corporation
Copyright© ANRITSU22
All information contained in this release which pertains to the current plans, estimates, strategies andbeliefs of Anritsu Corporation (hereafter "Anritsu") that is not historical fact shall be considered forward-looking statements of future business results or other forward-looking projections pertinent to the businessof Anritsu. Implicit in reliance on these and all future projections is the unavoidable risk, caused by theexistence of uncertainties about future events, that any and all suggested projections may not, come to pass.Forward-looking statements include but are not limited to those using words such as "believe", "expect","plans", "strategy", "prospects", "forecast", "estimate", "project", "anticipate", "may" or "might" and wordsof similar meaning in connection with a discussion of future operations or financial performance.
Actual business results are the outcome of a number of unknown variables and may substantially differfrom the figures projected herein.Factors which may affect the actual business results include but are not limited to the economic situation inthe geographic areas in which Anritsu conducts business, including but not limited to, Japan, Americas, Asia,and Europe, changes in actual demand for Anritsu products and services, increases or decreases in thecompetitive nature of markets in which Anritsu sells products or buys supplies, changing aptitudes atproviding services, and exchange rates.
You also should not place reliance on any obligation of Anritsu to update or revise any forward-lookingstatements, whether as a result of new information, future events or otherwise. Anritsu disclaims any suchobligation.
Cautionary Statement
Copyright© ANRITSU
Info.4%
3
Industrial 15%
Others6%
T&M 75%Mobile
45%→50%(FY2012 1H)Network Infrastructure
30%→30%Electronics 25%→20%
Japan30%
Americas25%
EMEA15%
Asia & Pacific30%
1-1. Outline of our businessFY2011 Net Sales : 93.6 Billion Yen (+20%)Operating Income : 14.4 Billion Yen (+106%)
(Sales of T&M business by region)
(Sales by business segment)
Test & Measurement (T&M)For development, manufacturing, construction and maintenance
MobileNetwork InfrastructureElectronics
MobileNetwork InfrastructureElectronics
Food Safety X-ray inspection systems
Food Safety X-ray inspection systems
IP network systemsIP network systems
Information andCommunication
IndustrialAutomation
Copyright© ANRITSU
Value Added Market with Technological BarrierSustainable Profitability : Op. Margin 20%
4
1-2. Key factor of sustainable profitability
Growing Business : Mobile Broadband T&MAnnual Growth : > 10% at least 5 Years
A Key Player in the Mobile T&M Industry:Strong partnership with global tier 1 vendorsMobile R&D : Market share 50%Mobile Production(3G/LTE) : Market share 30%
Copyright© ANRITSU
Increasing mobile subscriber of 3G and LTE
5
(M unit)
【Telecom. Market】
8.2 Billion
19%
2011 2017
6 Billion
4G/LTE
CDMAGSM
11%
70%
23%
47%
7%
23%
Source: Seed Planning
3G/W-CDMA
iPhone3G(2008.7)
iPhone3GS(2009.6)
iPhone4(2010.6)
iPhone4S(2011.10)
Galaxy S(2010.6)
Galaxy S II(2011.3)
Galaxy S III(2012.5)
Source: OVUM
2-1 Mobile broadband market
x2.7
2G2GGSMGSM
GPRSEDGEGPRSEDGE
3G3GW-CDMA, CDMA2KTD-SCDMA(China)W-CDMA, CDMA2KTD-SCDMA(China)
LTELTEFDD-LTETDD-LTEFDD-LTETDD-LTE
LTE AdvancedLTE Advanced
WiMAX, Short Range Wireless: W-LAN, Bluetooth, etc.
(Progress of Mobile telecom. Standards)
iPhone5(2012.9)
Smartphones shipment
LTE A,・・・,LTE XLTE A,・・・,LTE X
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2000 2005 2010 2015
Japanese market Japanese market
Populization of3G service
Launch of 3G service
Chipset, HandsetChipset, Handset
Handset ProductionHandset
Production
1998
T&M for mobile segment increasesalong with 3G smartphone expansion
Mobile T&M market (Anritsu Est.):USD 1,400M(Production:USD 1,000M, R&D:USD 400M)
R&D, Conformance, Inter-operability R&D, Conformance, Inter-operability
Global market Global market
Launch of LTE service
2-2. Growing business: Mobile broadband T&M
Progress ofLTE service
Sales
Market share*30-40%
Market share*30-40%
Market share*50%
Market share*50%
*Anritsu estimates
Copyright© ANRITSU
Launched standards
7
Main customers:Chipset vendors and handset vendors
FDD-LTEFDD-LTE TDD-LTETDD-LTE LTE Adv.LTE Adv.
Just Now!!Just Now!!
2010 2013 2015
100Mbps 1GbpsCommunication speed
HW Platform / Sys.
Initial T&M Solutions, S/W Upgrade, Continuous R&D Support
2-3. Mobile R&D business: Continuous demands
(Note) VoLTE (Voice over LTE): Voice calls using LTE communications protocols. Voice calls on current LTE smartphones use 3G communications protocols. Carrier aggregation : Communications functions with bundled frequency bands to enable even more high-speed communications.
Software VoLTE, TDD, Carrier Aggregation, MIMO, Interoperability, Carrier acceptance, ・・・
Core R&D / Commercial UE R&D / Conformance Test / Carrier Acceptance / ・・・
LTE A,・・・,LTE XLTE A,・・・,LTE X20xx
X Gbps
Ensuring ongoing business through support for customers’ development
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8
2-4. Mobile production business: Expansion of demands
Upgrade
EMS
②
③
④
Factory AExtension
Factory B
Factory X
S/W Upgrade, Support
2G → 3G / LTE(FDD,TDD)Addition of SRW (W-LAN, Bluetooth, etc.)
S/W Upgrade, Supportfor improvement ofproductivity
Expandingproduction capacity
InstallFactory A
① Replacement
Securing repeat business by improved customers’ productivity
Tender bids・Demonstration・Evaluation
2 portsfor 2G/3G/LTE test
4 portsfor 2G/3G/LTE & SRW test
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EMSElectronicsManufacturingService
AT&TVerizonT-MobileChina MobileChina UnicomChina TelecomNTT DoCoMo…etc.
Qualcomm, ST-Ericsson, Leadcore,Hisilicon, TI, Infineon, MediaTek …etc.
Foxconn, Asus,BYD, Fosunny,Quanta …etc.
Ericsson, Alcatel-Lucent, Huawei …etc.
Wireless modules/component
vendors
Samsung, Apple,HTC, LG, RIM,Nokia, SonyHuawei, ZTE,k-touch, longcheer,Fujitsu, NEC,Panasonic …etc.
SGS, 7 layers,Cetecom, TMC,Canvas M …etc.
Chipset vendors
Operators
Test houses Handsetvendors
Own factories
Application providers
Base station
3-1. Food chain and players in mobile telecom. market
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for R&D for Commercial UE
development
for Handset, smartphoneand SRW* module
production*SRW : Short range wireless
Protocol develop. and standards develop. for chipset and handset
Categories CoreR&D
ConformancetestInteroperabilitytest
Operatoracceptancetest
Performance testfor application development-Throughput performance
-Battery consumptionetc.
Specialized one box testers
Cellular standards
Universal wireless test
Current telecom.protocol
LTE(FDD-LTE, TDD-LTE) 3G/LTE 2G/3G/3.5G
/LTEWLAN/Bluetooth/3G/LTE
CustomerChipsetandhandsetvendors
Chipset andhandsetvendors,test house andtelecom.operators
Test houseandtelecom.operators
Handset vendorsand application developers
Handset vendors,module/component vendorsand EMS (electronicsmanufacturing services)
Businessarea US, EU, Japan, Korea and China Asia, Japan
Products
3-2. Value added products with leading-edge technology
Copyright© ANRITSU
Indicators
RevenueOp. profit
ProfitROE
ACE*1
FY201193.6 B Yen
14.0 B Yen
8.0 B Yen
19.5 %
5.2 B Yen
FY2012( Revised in Oct.)
94.5 B Yen
16.5 B Yen*2
12.0 B Yen*2
20 %
7.0 B Yen
FY2014110.0 B Yen
19.0 B Yen
13.0 B Yen
20 %
9.0 B Yen
GLP2014
(Note 1) ACE(Anritsu Capital-cost Evaluation) :Operating profit after tax - Capital Cost(Note 2) FY2012 planned values have the revised forecasts in Oct. 2012. (cf. slide 27)
T&MRevenueOp. profit
IndustAuto.
Revenue
Op. profit
70.6 B Yen
13.8 B Yen
14.2 B Yen0.6 B Yen
70.0 B Yen
15.0 B Yen*2
15.0 B Yen1.0 B Yen
80.0 B Yen
16.0 B Yen
18.0 B Yen1.5 B Yen
4. Sustainable Profitability3-years business plan GLP2014 (IFRS) 2020
VISION
11
Copyright© ANRITSU
• Disclosure based on a global standard• Adapt to global markets, customers and
competitors• Recognize risk in advance
• Decrease in equity by 8.5 B yen - Retirement benefit accounting: - 9.3 B yen- R&D capitalization etc.
• Decline in the capital adequacy ratio (48.5%→42.1%) (Effect as of March 31, 2012)
• ROE 20% or more• Further improvement of the capital adequacy ratio• Back to an A rating
5-1. IFRS (International Financial Reporting Standards)
12
Applying the IFRS since April 1, 2012
Decrease in equity
Strengthening the financial structure
Increasing transparency and challenging the targets to improve a new financial structure
Copyright© ANRITSU13
30
60
100
40 50 60
Bond Rating“A”
(GLP2014 Target)
D/ERatio(%)
Capital adequacyratio (%)
0
J-GAAPAccountingStandards IFRS J-GAAP
2010/3 - 37.2/112BBB
2011/3 34.6/105-
40.2/92BBB
2012/3 42.1/64-
48.5/55BBB+
2012/9 50.0/40-
-BBB+
Upper: Capital ratio/ D/E ratioLower: Bond rating by R&I
IFRS
5-2. Mid-long term goal for improvingthe financial structure
2012. 9
2012. 3
2011. 3
2010. 32011. 3
2012. 3
Copyright© ANRITSU
Copyright© ANRITSU15
Appendix
Copyright© ANRITSU16
2012
2014
(1) 2020 VISION
To be Global Market Leader・Build a world-class, strong, profit generating
platform・Create uniquely Anritsu-like corporate value
Creating new business by Emerging Biz.・Demonstrate cutting-edge tech in new business fields
2011
2020VISION
1
2
3-yearsBusinessPlan
Copyright© ANRITSU17
Areas of focus Main actions①Mobile broadband services:→R&D and production of
3G/LTE smartphones→Higher speed and capacity of
network infrastructure→Devices for Short Range Wireless
(1) Maintaining our position in LTE R&D T&M market
(2) Expanding installation base- Global UE vendors- China players (Huawei, ZTE, etc.)- EMSs and ODMs
(3) Business expansion of devicemarket
②Asia:→Production of 3G smartphones→China 3G and TDD-LTE
(2) T&M business strategyT&M market
average annualgrowth rate
Growth driversTargets
Sales growth rate
Operatingmargin
3-5%①Mobile broadband
service market②Asian market ≧7% ≧20%
Copyright© ANRITSU18
(3) Anritsu T&M Biz. Operating Model
Operating Margin
R&D
SG&A
COGS
Consolidated R&D ROI
FY2011Mid term
Operating Model
20%
30%
11%
39%
≧20%
28%
10-13%
39-42%
≧4.04.9
(note) Consolidated R&D ROI: Gross profit / R&D expenses (including common investment)
ConsolidatedOperating Margin 18%15%
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(4) Anritsu’s contributions in telecom. market
R&D and manufacturing3G → LTE,Short range wireless(SRW) devices
Installation and maintenanceBase station,mobile backhaul
Service assurance Network
R&D andmanufacturing 40Gbps, 100Gbps
Copyright© ANRITSU
Powerful applications Rapid increase of data traffic+ =
Expansion of LTE service Expansion of wireless broadband
出典:Cisco
出典:GSA
(M unit)
iPhone3G(2008.7)
iPhone3GS(2009.6)
iPhone4(2010.6)
iPhone4S(2011.10)
Galaxy S(2010.6)
Galaxy S II(2011.3)
Galaxy S III
(2012.5)
出典: OVUM
Smartphones shipment
(5) Market trend of mobile and 5 keywords
20
iPhone5(2012.9)
Widespread smartphone
2G → 3G → LTE
Copyright© ANRITSU
Categories
LTE
FDD
Core R&D・Conformance for LTE・Inter operability test forGSM, W-CDMA, CDMA,
Operator acceptance test
TDDCore R&D・Conformance for LTE・Inter operability test for GSM, W-CDMA, FDD,etcOperator acceptance test
Smart phone,tablet
Performance test for application develop.Production for GSM/GPRSW-CDMA/CDMA/TD-SCDMA/HSPA/LTE・・・
LTEAdvanced
Core R&DConformance, etc.
21
2011 2012
DoCoMoVerizonetc.
ChinaMobileetc.
2015(6) Testing categories for mobile T&M business
Copyright© ANRITSU2222
(7) Industrial Automation business
Food processing, pharmaceutical and cosmetics markets(Food manufacturers, processing plants, pharmaceutical manufacturers,
cosmetics manufacturers, etc.)
Solutions(X-ray inspection systems, metal detectors, checkweighers, etc.)
Production in Japan
Solutions(Multilevel sorters, weighing machines)
Thai Plant
Food processing market(Local plants/ manufacturers, Japanese food manufacturers)
Japanese market(70% of net sales)
Anritsu Industrial Solutions Co., Ltd.
American / European /Chinese markets
ASEAN / Indian markets
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Focused market Major initiativeAsia: Fishery and meat processing(mainly metal detector and Weighers)
(1) Establish Anritsu brand recognitionat major food companies
(2) Develop localization in emerging countries
North America: Meat processing(mainly X-ray inspection system)
Anritsu EstimatesJapan
17.5 B Yen
Outside Japan42.5 B Yen
Stable growth
Over sea56 B Yen
Japan19 B Yen
Quality assurance market size for food and medicine related industries.
2016
(8) Industrial Automation Business strategy
2011
Expand foreign business
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77.984.091.3
99.4 100.583.9
73.5
4.9 4.56.4
5.4
0.9
4.6
38
0
25
50
75
100
125
150
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2012J-GAAP IFRS
FY20140
5
10
15
20
SalesOpe.Income
94.5
15.5
7.0
GLP2014
Op. Margin17%
Plan Rev.
1.3 0.6 1.4
△3.9 △3.5
0.4 3.1
Net Income
FY2011
93.6
14.4
Plan
110.0
10.2 10.0
13.0
19.0
(9) Performance trend and GLP2014
14.0
8.0
93.6
J-GAAP IFRS
24
Sales(B Yen)
(B Yen)Income
94.516.5
12.0
(*1) cf. slide 27
(*1)
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Revenue OP. profit(loss)
■Others
■Industrial
Automation
■T & M
Note1 : Numbers are rounded off in each column
Bn. Yen Bn. Yen
FY2011 FY2011
(10) Consolidated performance –Revenue and Op. profit by quarters-
FY2012FY2012
Note2 : FY2011 3Q~4Q:IFRS unaudited (Reference only)
14.3 18.6Op.Margin(%)
20.0 18.5(15.6)* 19.3
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(11) Consolidated performance -Orders by business segment-
Steady orders in T&M
■ T & M
■ Industrial
Automation
■ others
Note : Numbers are rounded off in each column
Bn. Yen
FY2010 FY2012FY2011
Copyright© ANRITSU27
(12) Outlook for full year of FY2012 (IFRS based)
Note 2 : Numbers are rounded off in each columnNote 1 : Exchange rate for FY2012(estimate) 1USD = 80 yen, 1EURO=100yen
Note 3 : Others segment includes Information & Communication segment in FY2012.
Unit: Billion YenFY2011
Actual(IFRS:Audit)
Full YearPreviousForecast
Full YearRevisedForecast
YoY YoY(%)
93.6 94.5 94.5 0.9 1%14.0 15.5 16.5 2.5 18%13.1 14.5 15.5 2.4 18%8.0 10.0 12.0 4.0 51%
Revenue 70.6 70.0 70.0 (0.6) -1%Op. profit (loss) 13.8 14.0 15.0 1.2 8%Revenue 14.2 15.0 15.0 0.8 6%Op. profit (loss) 0.6 1.0 1.0 0.4 75%Revenue 8.9 9.5 9.5 0.6 7%Op. profit (loss) (0.4) 0.5 0.5 0.9 -
IndustrialAutomation
Others*
Test &Measurement
FY2012
Profit (loss) before tax
Profit (loss)
Revenue
Operating profit (loss)
Upward revision of T&M op. profit
Copyright© ANRITSU28
(13) Dividend policy
Anritsu’s basic policy is to implement distribution of surplus as a measure to return profits to shareholders, based on the level of consolidated net profit for the relevant fiscal year. We determine the amount of dividend with the aim of achieving the principal index of consolidated dividends on equity ratio (DOE), together with complementary factors such as dividend payout ratio.
[ for FY2012 ]Increase of full year dividend per share upward revision from 15 yen to 17 yen (interim dividend 7.5 yen and year- end dividend 9.5 yen)
Number of shares (Sep. 30, 2012) after exercising the call option of CB:143,956,194 shares
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